I managed to resolve the problem. Here is how it went. Got the log using gdb:
(gdb) backtrace
#0 0xf7efba1a in ?? () from /home/alexey/Games/Full-Throttle-Remastered/game/lib/libfmod.so.8
#1 0xf7ef4364 in ?? () from /home/alexey/Games/Full-Throttle-Remastered/game/lib/libfmod.so.8
#2 0xf7ee7efd in FMOD::System::init(int, unsigned int, void*) () from /home/alexey/Games/Full-Throttle-Remastered/game/lib/libfmod.so.8
#3 0x0830f9de in iMUSEClientFMOD::InitializeInternal() ()
#4 0x08221c3e in iMUSEClient::Initialize() ()
#5 0x082006a9 in Game::InitializeAudio() ()
#6 0x08200621 in Game::BootstrapLoad() ()
Problem was in Audio initialization. Running `./Throttle --list-audio-devices` confirmed that by erroring out with the following message: Error while retrieving available audio device list.
I tried also running sudo apt-get install libalut0:i386 from readme.txt but it says E: Unable to locate package libalut0:i386
Here is the list of commands I used if anyone might be interested for the future reference:
sudo dpkg --add-architecture i386
sudo apt-get update
sudo apt install libasound2:i386
sudo apt install libpulse0:i386
sudo apt install libopenal1:i386
After that, the command ./Throttle --list-audio-devices started working printing all the audio devices.
I went on trying each one of them one by one, i.e.
./Throttle --audio-device 0
./Throttle --audio-device 1
./Throttle --audio-device 2
...
./Throttle --audio-device 5
The last one worked for me with sound on.