Shane Jones says stories about New Zealand First are a distraction - and driven by hysteria.

The party's mysterious foundation is being investigated by the Serious Fraud Office.

Meanwhile, photos of journalists taken by someone linked to New Zealand First were leaked to an online blog.

Jones told Mike Hosking he's not surprised the office is investigating.

"They did that with the National Party and we are stuck with abiding by the process, no matter how diversionary it may be."

Jones says the matter involving the photographs is driven by a sense of hysteria from RNZ.

"To suggest it's some 'Maxwell Smart conspiracy' speaks volumes about a certain culture within Radio New Zealand."

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• Winston Peters admits having photo taken of journalists