That assumes the companies store the individual tokens, as does the government. Neither of which are part of the design, but could be done if both sides desired it.
The Swiss design actually doesn't store the issued tokens centrally. It only stores a trust root centrally and then a verifier only checks the signature comes from that trust root (slightly simplified).
The Swiss design actually doesn't store the issued tokens centrally. It only stores a trust root centrally and then a verifier only checks the signature comes from that trust root (slightly simplified).