After months of distancing himself from the New Zealand First Foundation, NZ First leader Winston Peters will answer questions about the mysterious entity via Facebook live.

In an off-brand midnight tweet last night, Peters – also the Deputy Prime Minister – said that within the next 48 hours, he would be letting people know "the truth about the NZ First Foundation".

"I will tell you what the latest hysterics are all about," he said, before asking his almost 40,000 Twitter followers to get their questions in now.

It is not yet known when the event will take place, only that it will be sometime within the next two days.

Peters' comments come just hours before news broke that the foundation had received tens of thousands of dollars of donations from the horse racing industry.

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Peters was given an opportunity to comment on the story before it broke this morning, but declined.

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Many of these donations, according to RNZ, fall just below the $15,000.01 threshold at which the donation must be made public.

Peters, also Minister of Racing, has delivered lucrative benefits to the industry since taking the portfolio's reins in 2017.

This comes after an earlier RNZ story revealed the identity of donor businesses owned by some of the wealthiest New Zealanders – again, under anonymity threshold.

In recent days, Peters said his party would be going to the police over what he called a "massive breach" of party information.

In November last year, when questions were first raised about the mysterious entity, Peters distanced himself from the foundation.

"I'm not in charge of it," he said when pressed.

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He has repeatedly said that any questions about the NZ First Foundation were a matter for the party and has adamantly denied any wrongdoing.

Earlier this week, the Electoral Commission – which was looking into the foundation and how it handles donations – referred the matter to the police.

The police then referred it to the Serious Fraud Office which is looking into a probe.

Peters yesterday welcomed this, saying any investigation would exonerate both him and the party.