Old thread I know - but my Mi16 is doing the same thing. Bendix system, Compressor appears to be working correctly, ABS light on continually, no ABS.
I plan to;
a ) Renew corroded rear brake pipes !
b ) Clean/test driveshaft sensors.
c ) Clean/test wheel sensors with a multimeter.
If none of the above works I'll;
d ) Change the ABR (just bought a new one off Ebay).
e ) Check the valve arrangements on the master cylinder are OK.
If that hasn't sorted it it, or there's a problem with the master cylinder that will be costly to replace, the ABS system will be junked as explained elsewhere on here.
Any pointers on the diagnosis process would be welcomed .....