It renders fine on a dummy model in Blender, but is it really a 512x512 TGA that's only 8KB? If so, then there has got to be some kind of compression going on, because an uncompressed TGA that size is almost 800KB. I tested it by renaming it "texture_golem.tga" (replacing the Golem's regular texture), and it crashed Glest when I tried to run it. I opened the texture and saved it again, turning off RLE compression and it worked flawlessly. Despite your objections, RLE compression is what's causing the problem.
(By the way, testing with MegaGlest doesn't do us much good, because it supports different image formats.)