OS/2 Warp 4 HPFS corruption

How to reproduce:
Install OS/2 Warp 4 onto HPFS-formatted partition. After reboot there will be messages about "missing" files and OS2.INI not found. Chkdsk C: complains about FS corruption. Nothing changes evwn after fixing errors and next reboot. If you install OS/2 onto FAT partition instead, everything will be OK. I also tried booting images with OS/2 pre-installed through VBOX with same results. Is that HPFS driver or QEMU fault?