Hmm. Have you tried rendering it [not using a gpu based render engine]? That might help rule out display issues. I'm doubting its a display issue anymore tho. Looking at everything again, it looks like the problem is exclusive to the head? If it were a problem with your graphics card/drivers, it'd be present everywhere. I'm guessing the UV unwrap for the head cuts off right about where the issue stops appearing.

I haven't been following Blender THAT closely recently, but what Lobo says is plausible, it could very well be an issue with a change [or omission] in the import module in the most recent version. If so, you might be able to get around it, importing it in an older version of Blender which you said loads the object ok, saving it as a .blend then working with it in the newer version if there are features you need that aren't present in the older version.

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